2023: What money lessons have you learned so far?

[Kakmakr]

Well, my lessons learnt is simple :

Do not invest in shitcoins - There are a lot of shitcoins out there and people are dumping money into tokens that has no real utility, so it has no future.

Do not buy when the price is high - I got into a habit to buy when I got my salary.. and it was the wrong thing to do. You should shift those funds to a separate account and wait for the price to drop. Then you buy with all the money that you saved... so wait for the bargain price. 

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[Wong Gendheng]

2023 is a challenging year, the prediction of an economist that the world will experience a long recession now begins to be felt, many people have difficulty making money and many reports that companies or factories are bankrupt for many reasons, this certainly gives us important lessons that we must always Know with the latest information and of course following tips from experts so that they can escape economic recession.

[kryptqnick]

Since people largely focus on savings money and earning more money, I want to focus on another lesson: money is meant to be spent. Money itself is worthless: it's not food, medicine, shelter, a positive experience or anything of aesthetic value. Its value is that it's a medium of exchange, something that can be used to get the real things that are worth something because they make your life better or are even necessary for your life. So while having a budget, thinking about financial security and making savings are all important, the lesson I find useful is that you should spend money when spending it can make something better in your life or in the lives of others. Our time on this planet is limited, so I think we should try to enjoy it and help others to enjoy it as well.

[Bitcoin_people]

What money lessons have you learned so far?

I've learned that if you want to save money, you need to put something away from your income. If you face any financial problem in the future, you can solve that problem from the money you have saved. It is good for you to save a small amount of money from the amount you earn as this valuable money will help you at certain times. If you keep your financial funds in this way, you will have the confidence that you have the money if you face any danger in the future. If you keep saving like this, you will be financially stable and able to cope with any situation.

[demonica]

If you have money, don't think about on how are you going to spend it. It'll make you spend on things that are unnecessary. Even for others, when they know that they'll be receiving some money, they'd be planning already on how and what to spend on it.

If there are other ways/alternatives that'll allow you to save a bit, then go for it Those small amounts can be big when you combined it.

Do not spend like you're an heir or an owner of a big company lol. Kidding aside, it takes a lot of control when it comes to saving but if you really want to save, you have to sacrifice.

[Doan9269]

2 Do not go about with large wads of money in your wallet or with you

If you wanted to hodl a big amount of money with you then let it be in your personal decentralized wallet, this will make it more secured and be less under the risk of an attack by any chance through hack or institutions authorization for seizure to your money as the challenges that comes with KYC and AML in using centralized exchanges, this also serve us a good advantage from using fiat cash whereby we move around with bulkiness of cash fiat and got physical attack, but the world now is in the digital era of cryptocurrency with bitcoin as a decentralized currency using blockchain technology.

[xSkylarx]

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

The more the better, as long as you can manage it. This is really what we should do right now because we know that the price keeps increasing, and no matter how much we save, it is getting difficult because we are caught short on our salary. That is why, in this year, we realized that if we have another source of income, we can save more as well as buy things that we need. I am really thankful this year because I did find another source of income, which I hope will last for a few years.

[AnonBitCoiner]

1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

Yes everyone should think about their kids in advance because if the base of a person is strong he Don't not face any difficulty in life so always save some amount not matter in which form it is.

In our country most of the people are saving money in the form of buying land so whenever their children reach to the stage of doing something or initiate some business then he can use this land to sell it and then initiate some business with that money. People sometimes do not have any thoughts about their kids so whenever they grew up they face lots of problem due to weak backgrounds about money.

[YinShuiSiYuan]

1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

Yes everyone should think about their kids in advance because if the base of a person is strong he Don't not face any difficulty in life so always save some amount not matter in which form it is.

In our country most of the people are saving money in the form of buying land so whenever their children reach to the stage of doing something or initiate some business then he can use this land to sell it and then initiate some business with that money. People sometimes do not have any thoughts about their kids so whenever they grew up they face lots of problem due to weak backgrounds about money.

2023 has been a challenging year so far interms of finance as inflation is increasing rapidly and prices if food commodities are getting out of reach of common man , so now use your money very cautiously and try to look for more than one jobs because one job is not sufficient now for a smooth living.
And yes if you want to do something for your children invest your money in some profitable venture for their future .

[LogitechMouse]

None TBH. I'm only applying what I've learned in the last 2-3 years.

1. Have more than 1 source of income.
- Like OP said, nothing is promised. The more income source, the better.

Nowadays, in a family of 3-4 people, having only one source of income especially when you're living in an urban area isn't enough. Maybe it is enough if you're living in a rural area as prices of things there are cheaper, but having one income source on a family isn't enough at least for me. That income source will just go into the needs of the family. Where is the savings? Where is the emergency funds? That's why having multiple income source would be better than having only 1.

2. Invest at least 25% of my monthly income into different types of assets for diversification.
- This depends on the person, but this is what I'm doing. I'm putting 25% of my total monthly income into investment whether it will be stocks, or crypto, or even bonds. I learned this many years already, and that's why I had enough savings already to keep myself safe for at least a year maybe if things go south. Overall, always allot a percentage of your monthly income into whether emergency funds, or investing etc. Don't use it all for expenses.

3. Budget everything.
- Trust me. In a family, somebody must know how to budget your money.

I'm just lucky that my current partner knows how to budget our monthly incomes that's why we are not spending too much on the things that are considered useless to us. We're more focused on the things that we need such as food, investments, etc. etc. Budgeting is an essential thing when it comes to money. Without it, you will be spending on things that you don't need. Budgeting really is helpful especially if you want to buy something in the future, or build something.

I guess there are more money lessons that I've learned, but this is what came to my mind when I was thinking of the things that I've learned that is related to money. It's good that there are some users here who learned something that's related to money.

[Quidat]

1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

Yes everyone should think about their kids in advance because if the base of a person is strong he Don't not face any difficulty in life so always save some amount not matter in which form it is.

In our country most of the people are saving money in the form of buying land so whenever their children reach to the stage of doing something or initiate some business then he can use this land to sell it and then initiate some business with that money. People sometimes do not have any thoughts about their kids so whenever they grew up they face lots of problem due to weak backgrounds about money.

2023 has been a challenging year so far interms of finance as inflation is increasing rapidly and prices if food commodities are getting out of reach of common man , so now use your money very cautiously and try to look for more than one jobs because one job is not sufficient now for a smooth living.
And yes if you want to do something for your children invest your money in some profitable venture for their future .

When comparing out each year then i could also say that this year 2023 is really a bit challenging on which not just only talking about by online investment but rather into my physical or real world business  which it did  really have some decline just because clients arent able to paid off and since most of my capital is really coming from a bank loan then it is really that hard to paid up on something just because of those pending payments which it did really put me in on a tough situation but well since i do have other income source aside from my day job then i do at least able to pay up the amortization.
Yes, its really that challenging since expenses nowadays isnt something that small specially if you do have a family.This is why im really that wise when it comes to spendings and would really be focusing
on those important.This is what the learnings on these situations is giving on. Life must goes on and you should really be able to find ways and survive rather than on crying
and whining on a corner. lol

[cydrix]

I've covered points 1, 2, 3, and 4. Although I am now more knowledgeable about investment, I also learned from my personal environment. Since I was only taught how to save money and not how to invest it, I recently realized that when we simply keep saving money without investing it, the value of the money actually decreases due to inflation. I also realized that no rich person in the world has amassed enormous wealth without investing, so I now understand the importance of investing rather than simply saving money for the future.

[Renampun]

...
4. If you need a motivation for saving, attach a goal to it. This explains itself. Save with a goal or purpose in mind.

What money lessons have you learned so far?

I like all the lists that you provide. but there is one thing that you are missing, namely buying things as needed and that is one of the money lessons that I learn.

many people unknowingly run out of money because they buy unnecessary things, even though the money should be used for other purposes. nowadays having the ability to manage finances is very important especially since inflation continues to make the money we have less and less valuable.

[Cookdata]

Some of the crucial money lessons I learned in the past few months both from personal experience and from watching other people
1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

Nothing beats having an investment set aside for kids; when they are trained to understand what investment is, they will master it and continue the process for future generations, but there are personal dreams that everyone wants to realize and actualize before they die. Don't be shocked if the children you raise have little interest in the financial system; some will prefer a simpler life where they can put food on the table and appreciate nature; it always happen.

2 Do not go about with large wads of money in your wallet or with you
The first reason is for security purposes. The second reason is so that if you lose your personal items, it will not hurt so bad. Besides who still carries cash when you can make payments digitally. What do think?

I enjoy this with the new Nigerian policy where most payments are now conducted digitally, and it has helped me curb my lavish spending, but adoption is yet immature; there is more work to be done here to encourage its adoption.

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

4. If you need a motivation for saving, attach a goal to it. This explains itself. Save with a goal or purpose in mind.

What money lessons have you learned so far?

Having a single source of income is dangerous and risky because if the means become unavailable, you will have to find another job and bills will be piling up. It is best to always have another side hustle so that when one is unavailable, the other will be paying bills pending until you have another opportunity to slot in another one.

[isaac_clarke22]

One cannot rely on a single job these days, you need to venture into another side jobs where your skills can still be useful and may bring additional income for you. The more income you gained, the bigger chances that you become financially stable, and the higher chances that you will be able to save. Saving could be a lot of help so you can prepare in any circumstances that may come in your life unexpectedly. If you have emergency funds, you will always be confident that you won’t struggle in your finances once unplanned expenses or financial emergencies arise.

Yeah, it's kinda sad reality these days. On the brighter side, there were more opportunities that opened for people to still somehow have flexible time working and still pull some strings during these fuckery prices of commodities. I partially still offer freelancing service when I have the time, but considering the my 9-5 kinda demands my whole day is but still pays really well is something I could get away somehow.

I kinda disagree that the more income you gained, the bigger chances that you will be confident that no struggles will come. In 9-5 jobs, the higher income you gain, the higher responsibility you might encounter and that might mean that you would encounter high risk tasks. This is why in software dev, I just usually stick to the technical side instead of managerial.

1. Have more than 1 source of income.
- Like OP said, nothing is promised. The more income source, the better.

Nowadays, in a family of 3-4 people, having only one source of income especially when you're living in an urban area isn't enough. Maybe it is enough if you're living in a rural area as prices of things there are cheaper, but having one income source on a family isn't enough at least for me. That income source will just go into the needs of the family. Where is the savings? Where is the emergency funds? That's why having multiple income source would be better than having only 1.

I believe we reside in the same country, the Philippines? If you've been around Taguig City (specifically BGC), even by living alone, it's quite hard to live there considering the luxurious life there. Hotels and condos everywhere. I was planning to relocate there before, but meh.

[lizarder]

1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

I have lived in this world for so long and can be said to be very mature at this age. I have also seen how difficult it is to create economic stability for all current and future needs, so that in the end there is nothing left without establishing proper financial management. Apart from that, with increasing responsibility for children and wife, the more burden we carry if we don't have a concept of life. The goal is how to make planning for our finances today and later in the future? Every responsible human being must think of a way to prepare life savings for our children later, so that they have a backbone to start building their life as adults and this is very important for them. At least to make things easier for us, the steps we can take are to try to set aside money for doing business, investing and saving.

I have started doing business in 2019 and you can find out in my previous post and even many of the problems that I initially faced, starting from the pandemic to the condition that I had to turn my mind around to get out of these problems, at first my business did not develop much because I was faced with during a pandemic that forced many people to close their businesses and luckily I was able to get through this problem and finally I found a loophole to continue to be consistent in doing business. In the end, I also built a place for non-formal education as a field of gratitude for the blessings that were given and to this day I still manage and am still a regular donor. Doing any work as long as it is useful and we will get the best in the future, sometimes the prayers of many people will lead us to the stage of glory.

[mm2543363580]

1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

I have lived in this world for so long and can be said to be very mature at this age. I have also seen how difficult it is to create economic stability for all current and future needs, so that in the end there is nothing left without establishing proper financial management. Apart from that, with increasing responsibility for children and wife, the more burden we carry if we don't have a concept of life. The goal is how to make planning for our finances today and later in the future? Every responsible human being must think of a way to prepare life savings for our children later, so that they have a backbone to start building their life as adults and this is very important for them. At least to make things easier for us, the steps we can take are to try to set aside money for doing business, investing and saving.

I have started doing business in 2019 and you can find out in my previous post and even many of the problems that I initially faced, starting from the pandemic to the condition that I had to turn my mind around to get out of these problems, at first my business did not develop much because I was faced with during a pandemic that forced many people to close their businesses and luckily I was able to get through this problem and finally I found a loophole to continue to be consistent in doing business. In the end, I also built a place for non-formal education as a field of gratitude for the blessings that were given and to this day I still manage and am still a regular donor. Doing any work as long as it is useful and we will get the best in the future, sometimes the prayers of many people will lead us to the stage of glory.

The most important lesson about money in this current year is that it's unpredictable and its really difficult to earn money nowadays  , job based people tend to earn a fixed rather less amount of money and they always have difficulty in eating their expenses . On the contrary business based people have more opportunities to earn money with alot of risk involved so choose what's hood for you and your life. 

[el kaka22]

Do not spend money that you think you could use better in the future. I have spent money that I could have invested with, but instead I spent it on silly stuff.

There was a very valid reason and I would probably do it again anyway, the reason was that I got sick, seriously sick, literally had to be in hospital for a few days level of sick, and I was fearing that I may die in a few months, turns out it wasn't that and it was something mild and I went back home and I am doing great, there is absolutely nothing wrong with me, it was just a fear until test results came in, and I am all clear and healthy as a horse. But that made me realize life is short, so I spent some money on some stuff I shouldn't, and could have put it in bitcoin instead. Oh well, lesson well learned at least.

[Z390]

Number one, never take money from someone to invest in cryptocurrencies all in the name of helping them.

Number two, do not take a loan from a bank or loan shark to invest in cryptocurrency.

Number three, do not spend your money lavishly thinking that the next income is on its way, the money you have control over right now is your real money.

Do not rely on one source of income because a single job is like not having a job at all, make sure you have more than one source of income, you will be able to live a comfortable life and still be able to invest your money.

[GiftedMAN]

What money lessons have you learned so far?

From personal experience, I have learnt to always save before spending because that's my own easiest way of not spending from what I planned to save. After surviving without a job for 1year, I understood that setting up a business while working is another means of survival because you can stop working but your business will still generate income that can sustain you and your family.